RBI Imposed Fine On 4 Cooperative Banks For Violating The Rules

RBI imposed fine on 4 cooperative banks for violating the rules.

The Reserve Bank of India (RBI) has imposed a penalty of Rs 112.50 lakh on Hyderabad-based Andhra Pradesh Mahesh Co-operative Urban Bank.

Apart from this, the central bank has fined three other cooperative banks for violating the rules of the regulator.

RBI has imposed a fine of Rs 37.50 lakh on Mumbai’s SVC Co-operative Bank.

Rs 62.50 lakh on Ahmedabad Mercantile Co-operative Bank, and Rs 25 lakh on Saraswat Co-operative Bank of Mumbai for violating the rules.

The central bank said that this penalty has been imposed on Andhra Pradesh Mahesh Co-operative Urban Bank for non-compliance with RBI’s directions related to ‘rate of interest on deposits’ and ‘Know Your Customer’.

Whereas Ahmedabad Mercantile Co-operative Bank has been penalized for violation of norms in the master directive on ‘rate of interest on deposits.

According to the RBI, it has imposed a penalty on SVC Co-operative Bank for non-compliance with the directions of ‘Interest Rate on Deposits’ and ‘Frauds Monitoring and Reporting Mechanism’.

On the other hand, Saraswat Co-operative Bank has been penalized for non-compliance with the instructions on ‘Interest Rate on Deposits’ and ‘Maintenance of Deposit Accounts.

Regarding the penalty imposed on banks, RBI said that this penalty has been imposed on the basis of deficiencies in regulatory compliance.

It is noteworthy that RBI has recently imposed a fine of Rs 4 lakh on Excellent Co-operative Bank Mumbai and Rs 2 lakh each on Janseva Sahakari Bank Limited, Pune, and Ajara Urban Co-operative Bank, Ajara (Kolhapur).

Ajara Urban Co-operative Bank was fined for violating the directive on ‘Maintenance of Deposit Accounts.

NITI Aayog CEO Amitabh Kant will remain in the post till June 2022, a one-year extension.

NITI Aayog Chief Executive Officer (CEO) Amitabh Kant has been given an extension of one year till June 2022.

An order regarding this was issued by the Department of Personnel and Training on Tuesday.

The ministry said in the order that the Appointments Committee of the Cabinet has given its approval for the extension of Kant’s term for a period of one year (up to June 30, 2022) beyond June 30, 2021.

The 65-year-old public servant has been given an extension for the third time in this post.